To attract talent into insurance, try something new

We have to take off our insurance hats sometimes and think like technology or data people, said Natacha Craven, chief people and communications officer of Miller Insurance.

As part of our focus on talent, Intelligent Insurer invited Craven, Sue Davies, chief human resources officer at Markel, which sponsored the event; Kevin Hopton, head of UK talent management and performance at Sedgwick; Jane Warren, UK branch manager and executive sponsor for diversity, equality and inclusion at Liberty; and Louisa Blain, partner, head of insurance for Human Capital at Aon, for a virtual panel discussion on talent in re/insurance.

This first report focuses on strategies to attract more of the right people into the insurance industry.

Warren started the conversation by highlighting a significant issue, saying: “We’re attracting the right people, but I don’t think we’re attracting enough of them.”

She pointed out that a few major companies dominate talent acquisition in the London Market, leading to a rather negative cycle rather than genuine growth. “All we’re doing is poaching one another’s staff; it would be good if we would all look at investing in training and development, because that’s where we have a big gap in the market.”

Getting the marketing right

The evolving skillsets required in the industry further complicate the situation.

“Historically, you would start in very junior roles, learning the trade as you came up through the ranks, but a lot of those entry-level positions are now either automated or offshore,” Warren explained.

A lot of those entry-level positions are now either automated or offshore.” Jane Warren, Liberty

The rise of artificial intelligence (AI) and new challenges such as climate change and energy transitions necessitate innovative recruitment strategies. “We have to be innovative in where we’re looking to recruit. It may be from the energy sector, or from risk engineers,” she added.

Davies, who joined the sector relatively recently, spoke about the importance of effective marketing to attract the right talent. “The sector generally is continuing to up our game on marketing careers in insurance,” she said.

“We can’t take our eyes off the prize in terms of continuing to make sure we’re developing our internal talent pipeline.” Sue Davies, Markel

“The sheer diversity of career opportunities that exist, and the importance of everything we do, make this where we can all continue to raise the game.”

Hopton agreed, noting the need for innovation in recruitment. “We need to be a bit more creative in the way we recruit—we’ve become stuck in the same mould where we follow the procedure and look for certain graduates.”

His firm focuses on identifying core attributes in candidates, regardless of their background. “If they have the right attributes, that’s the right mix to make somebody successful in our industry,” he explained.

Defining the skills properly

Blain believes the industry is becoming more strategic about future success. “Insurance is now taking the time to understand a bit more about exactly what those right skills are,” she said.

Given emerging risks and the introduction of AI, roles in underwriting and claims are changing into more collaborative team efforts.

“No one person has all those different skills and capabilities to think about the risks we’re now facing in a different way,” Blain explained.

“Adopting a much more skills-based approach to getting those people in means at least we’ve defined who the right people are.”

This foresight is vital as the industry anticipates future needs.

Craven supported long-term planning. “Instead of recruiting for now, we are looking five years away and asking if this is how we’re going to evolve as a business, what is our strategy and what capabilities do we need?” she explained.

She highlighted the role of the London Market as a global centre of excellence in attracting talent.

However, she acknowledged challenges with recruiting talent to mid-to-senior level revenue-generating roles, saying: “We struggle to attract different types of talent into those roles where we know the sector underinvested 10 and 15 years ago.”

“We’ve seen a real shift in people’s mindsets.” Natacha Craven, Miller Insurance

Appealing to new talent pools

Craven noted the changing expectations of the workforce. “We’ve seen a real shift in people’s mindsets and how we have to attract the different generations,” she said. 

Hybrid working is a significant factor, and re/insurance firms need to be flexible and forward-thinking. “We have to take off our insurance hats sometimes and think like technology people or data people,” she advised.

Davies suggested breaking away from tradition. “It’s very important for us to continue broadening that talent pool and look at more non-traditional candidates,” she said. 

She cited Markel’s recruitment programme for veterans and individuals returning from career breaks as examples of innovative recruitment strategies, and emphasised retention. “We can’t take our eyes off the prize in terms of continuing to make sure we’re developing our internal talent pipeline,” she added. 

Blain cited an Aon survey from 2023, noting that talent attraction and retention was considered the number two risk for the sector. “Business is now recognising this, putting more urgency behind that need to attract and retain great talent,” she said. 

“Insurance is now taking the time to understand a bit more about exactly what those right skills are.” Louisa Blain, Aon

The panel concluded that the re/insurance sector must innovate and adapt to attract and retain the best talent.

Warren advocated investment in training and development, while Davies called for better marketing of career opportunities.

Blain stressed the need for strategic skill identification and Craven highlighted the importance of understanding generational shifts and flexible working arrangements.

All agreed that implementing these strategies would help the industry build a diverse, skilled, and future-ready workforce.

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